Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Stock-based Compensation

Schedule of weighted average valuation assumptions for stock options

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025			2024	2025			2024
Per share fair value of common stock	$	36.32		n/a	$	17.14		$	4.62
Expected volatility		67.72	%	n/a		67.72 - 68.86	%		73.79	%
Expected dividends		—	%	n/a		—	%		—	%
Expected term (in years)		6.25		n/a		5.50 - 6.25			5.94
Risk-free rate		3.8	%	n/a		3.8 - 4.0	%		3.9	%

Schedule of stock option activity

		Weighted-		Weighted-Average
	Number of	Average Exercise		Remaining Contractual	Intrinsic Value (In
	Options	Price		Term (In Years)	Thousands)
Outstanding as of January 1, 2025	729,010	$	3.21	6.06	$	2,914
Granted	399,940		17.14
Exercised (1)	(24,517)		21.66
Forfeited/expired (2)	(109,162)		319.57
Options assumed from Cara upon Merger closing	113,487		319.80
Outstanding as of September 30, 2025	1,108,758	$	9.09	6.78	$	34,081
Options exercisable as of September 30, 2025 (3)	686,194	$	4.85	5.23	$	24,366
Vested and expected to vest as of September 30, 2025	1,108,758	$	9.09	6.78	$	34,081

(1) Includes 21,665 of exercises of assumed Cara options after the Merger closed.

(2) Includes 83,293 of assumed Cara options that expired after the Merger closed.

Schedule of classification of stock-based compensation

The following table illustrates the classification of stock-based compensation in the condensed consolidated statements of operations and comprehensive loss (in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	79	$	29	$	255	$	86
General and administrative		260		51		791		154
Total stock-based compensation	$	339	$	80	$	1,046	$	240